In addition to a third-quarter miss, Deutsche Bank sees "meaningful downside risk" to Tesla 's 2024 consensus expectations due to limited volume growth next year. Analyst Emmanuel Rosner cut his price target on the stock by $15 to $285, which suggests shares can gain 16.7% from Tuesday's closing price. He maintained his buy rating, however. "We see near term risk from weaker fundamentals into 2024," Rosner said in a Tuesday note.
He also reduced delivery expectations to 440,000 units, compared to the previous 455,000, for the period. These updated expectations reflect weeks of downtime at several Tesla plants during the summer, price cuts to Model Y cars in China, Model S/X and targeted inventory discounts, as well as "limited positive offsets," Rosner said.